- The original equipment manufacturers (OEM) segment is going to have a good growth during the forecast period
- North America is anticipated to hold considerable market share during the forecast period
The global aircraft battery market will reach $1,092.64 million by 2027 as per a report by ResearchAndMarkets. It said that the market stood at $568.9 million in 2019 and will grow at a CAGR of 8.5 per cent during the forecast period.
As per the report, the increase in the number of aircraft deliveries and the rising adoption of more electric aircraft technology in commercial aircraft are the major factors helping in the growth of the market. It added that the operational challenge associated with lithium-based aircraft batteries is hampering the growth of the market
North America to lead
In terms of end-user, the original equipment manufacturers (OEM) segment is going to have good growth during the forecast period. This is due to increasing demand from the aviation industry. The report said that the aircraft are manufactured and delivered to airlines with aircraft battery technology already installed in the aircraft. Original Equipment Manufacturers (OEMs) are accountable for the installation of battery components. It has become a suitable substitute for airline companies due to the fact that the post the delivery of aircraft alteration becomes cumbersome for aircraft manufacturers.
The report said that North America is anticipated to hold considerable market share during the forecast period. This is due to quick growth in the aircraft manufacturing, technological advancements in aircraft architecture and expansion in the electric aircraft industry.